Oil stocks climb for second day, Hengyuan leads charge
KUALA LUMPUR: Energy stocks took the spotlight for a second day on Bursa Malaysia, riding higher crude oil prices as renewed United States (US)-Iran hostilities heightened fears of supply disruptions.
Oil stocks continued their upward trend for a second day on Bursa Malaysia, buoyed by surging crude oil prices and heightened concerns over potential supply disruptions following renewed tensions between the United States and Iran. The FTSE Bursa Malaysia KLCI rose 1.07 points, or 0.06%, to 1,701.61 at midday, while the Energy Index climbed 9.84 points, or 1.25%, to 799.68.
Despite a decline in technology stocks, the energy sector's performance helped offset the losses. Oil prices extended their gains early in the trade after the US and Iran exchanged strikes, raising fears about the security of oil supplies from the Middle East. Brent crude futures rose 40.5 cents, or 0.43%, to US$95.60 a barrel. Drilling services provider Velesto Energy Bhd was among the most actively traded counters, with its stock climbing 4.35% to 24 sen at midday.
Fellow energy counter Hibiscus Petroleum Bhd also performed well, with its share price rising 9.25% to RM2.27 at midday. However, Hengyuan Refining Company Bhd stood out as the standout performer, extending its rally for a second day. The refiner opened at RM2.74, up 8.3% before surging to RM3.16, its highest level in over two years. Its year-to-date gain has reached 274%, taking its market capitalisation to about RM1.7 billion.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
